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File #: RES 21-101    Version:
Type: Resolution Status: Passed
In control: City Council
Final action: 1/27/2021
Title: Approving the issuance of conduit revenue bonds by the Port Authority for the benefit of District Energy Saint Paul, Inc.
Sponsors: Rebecca Noecker
Attachments: 1. Saint Paul Port Authority Board Memo, 2. Saint Paul Port Authority Resolution
Title
Approving the issuance of conduit revenue bonds by the Port Authority for the benefit of District Energy Saint Paul, Inc.

Body
WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1655, as amended (the “Act”), the Port Authority of the City of Saint Paul (the “Port Authority”), is authorized to issue revenue bonds to finance or refinance, in whole or in part, the costs of the acquisition, construction, improvement, or extension of revenue producing enterprises, whether or not operated for profit; and

WHEREAS, District Energy Saint Paul, Inc., a Minnesota nonprofit corporation (“District Energy”), has proposed that the Port Authority issue its conduit revenue bonds designated as the following: (i) District Energy Revenue Bonds, Series 2021-1 (501(c)(3) Non-AMT) (the “Series 2021-1 Bonds”); and (ii) District Energy Revenue Bonds, Series 2021-2 (AMT) (the “Series 2021-2” and, collectively with the Series 2021-1 Bonds, the “Series 2021 District Energy Bonds”); and

WHEREAS, proceeds of the Series 2021 District Energy Bonds will be used by District Energy in order to (i) current refund the outstanding principal amount of the following indebtedness issued by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), for the benefit of District Energy: (a) $5,230,000 original principal amount District Heating Revenue Bond, Series 2013C (501(c)(3)) (“Heating 2013C Bonds”), and (b) $4,770,000 original principal amount District Cooling Revenue Bond, Series 2013C (501(c)(3)) (“Cooling 2013C Bonds” and, together with the Heating 2013C Bonds, the “Prior Bonds”), the proceeds of which were used to finance an extension of the System (defined below) and capital improvements to the Heating Plant (defined below) and Cooling Plant (defined below); (ii) finance certain improvements, extensions, and enhancements to the local hot water district heating system and the local chilled water di...

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